The cryptocurrency powering The Open Network (TON) – a decentralized blockchain founded by Telegram in 2018 – has gained bullish momentum over the past week as a result of recent developments surrounding its network.
Telegram CEO Announces Free Giveaway of $200K Premium Subscription Purchased In TON
The latest surge came after Telegram CEO Pavel Durov unveiled a new feature for the popular instant messaging platform that supports free giveaways in channels. On November 7, Durov made a post on his channel announcing that he would be giving away annual subscriptions to access the app’s premium features to 10,000 lucky users.
He claimed that the subscriptions worth $200,000 were purchased using Toncoin on Fragment, an auction platform launched on The Open Network in October 2022 that allows users to trade Telegram usernames. The news resulted in the price of TON surging by 5%.
Dubai Financial Regulator Gives TON Legal Status Within its Special Economic Zone
Last week, the Dubai Financial Services Authority (DFSA), the financial regulator of the Dubai International Finacial Centre, added Toncoin and Ripple (XRP) to its list of recognized crypto tokens that can be used as legal tender within the special economic zone (SEZ).
The approval means that more than 4,000 companies operating in the Dubai International Financial Centre will now be able to transact using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Toncoin (TON), and Ripple (XRP).
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TON Becomes the World’s Fastest Blockchain After Achieving 108,409 TPS
Toncoin developers recently conducted an experiment to determine the blockchain’s transaction speed. The team reported that they were able to carry out a historic 43 million transactions in 12 minutes, achieving a maximum transaction speed of 108,409 transactions per second (TPS) in the process.
For comparison, the Bitcoin network is only able to process 5-7 transactions per second, while the speeds of Ethereum and Solana (SOL) are 15 TPS and 65,000 TPS, respectively.
According to the developers, the blockchain reportedly processed 43,012,970 transactions on its test network consisting of 256 validators. TON has officially taken over the title of the world’s fastest blockchain from its previous holder SOL.
In September, the TON wallet was officially deployed on Telegram, enabling its 800 million daily users to get access to TON Space – a digital ecosystem powered by the TON blockchain encompassing decentralized applications, services, and platforms built on the protocol.
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Toncoin Continues to Revel in Its New-found Success
These developments have led to positive sentiment around TON, triggering a strong “buy” signal. After reaching the $3 mark, TON entered the list of top ten digital assets with the largest market capitalization. Tipping over Solana to rank sixth in this indicator.
Market intelligence firm Santiment discovered that the number of active wallets on TON continues to grow, with the daily active addresses (DAA) divergence of the blockchain currently standing at 334%. This indicates that the ratio of active wallets is rising faster than the token’s value.
Meanwhile, TON’s total open interest (OI) reached $10.4 million, which is a 1000% rise over the past month. According to Santiment, Toncoin’s total OI stood at around $1 million as of October 8, 2023.
At the time of writing, TON is priced at $2.49 – trading 4.1% below its previous day’s price. The token currently has a market cap of $5.32 billion.
